NEW HYDE PARK, N.Y., 2016-Sep-07 — /EPR Retail News/ — Kimco Realty Corp. (NYSE:KIM) today (9/6/2016) announced the acquisition of the remaining 85% interest in a four-property joint venture portfolio for a gross price of $170.7 million, which includes the assumption of $103 million in mortgage debt. Simultaneous with this acquisition, the company prepaid $26 million in mortgage debt associated with the acquired portfolio. The portfolio includes Perimeter Expo in Atlanta, Ga., Cranberry Commons in Pittsburgh, Pa., Cypress Towne Center in Houston, Texas and Doc Stone Commons in Stafford, Va. All four assets are located in major metro markets where Kimco already has a significant presence, and the acquisition furthers the company’s stated goal of reducing joint venture exposure.
Additionally during the third quarter, Kimco acquired Kentlands Market Square, a 251,000-square-foot, Whole Foods-anchored open-air shopping center located in the Washington-Arlington-Alexandria metropolitan statistical area (MSA) for $95.0 million. In addition to the high-volume Whole Foods, the property is anchored by national tenants such as PetSmart, Michaels and Starbucks, and is one of only two shopping centers located in the “downtown” commercial district of the Kentlands, an affluent, master-planned, suburban community in Gaithersburg, Md., a northwest suburb of Washington D.C. The center boasts excellent demographics including a three-mile population of 106,931 and median household income of $99,177.
Kentlands Market Square, which is currently 69.1% occupied, offers a multitude of near-term lease up and long-term redevelopment opportunities, with the surrounding community eager to see the center restored to its original vision of a walkable, “live-work-play” town center. There is also the additional potential for mixed-use development and densification at the site.
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in New Hyde Park, N.Y., that is North America’s largest publicly traded owner and operator of open-air shopping centers. As of June 30, 2016, the company owned interests in 537 U.S. shopping centers comprising 86 million square feet of leasable space across 36 states and Puerto Rico. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center acquisitions, development and management for more than 50 years. For further information, please visit www.kimcorealty.com, the company’s blog at blog.kimcorealty.com, or follow Kimco on Twitter at www.twitter.com/kimcorealty.
SAFE HARBOR STATEMENT
The statements in this news release state the company’s and management’s intentions, beliefs, expectations or projections of the future and are forward-looking statements. It is important to note that the company’s actual results could differ materially from those projected in such forward-looking statements. Factors which may cause actual results to differ materially from current expectations include, but are not limited to, (i) general adverse economic and local real estate conditions, (ii) the inability of major tenants to continue paying their rent obligations due to bankruptcy, insolvency or a general downturn in their business, (iii) financing risks, such as the inability to obtain equity, debt or other sources of financing or refinancing on favorable terms to the company, (iv) the company’s ability to raise capital by selling its assets, (v) changes in governmental laws and regulations, (vi) the level and volatility of interest rates and foreign currency exchange rates and management’s ability to estimate the impact thereof, (vii) risks related to the company’s international operations, (viii) the availability of suitable acquisition and disposition opportunities, and risks related to acquisitions not performing in accordance with our expectations, (ix) valuation and risks related to the company’s joint venture and preferred equity investments, (x) valuation of marketable securities and other investments, (xi) increases in operating costs, (xii) changes in the dividend policy for the company’s common stock, (xiii) the reduction in the company’s income in the event of multiple lease terminations by tenants or a failure by multiple tenants to occupy their premises in a shopping center, (xiv) impairment charges and (xv) unanticipated changes in the company’s intention or ability to prepay certain debt prior to maturity and/or hold certain securities until maturity. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s SEC filings. Copies of each filing may be obtained from the company or the SEC.
The company refers you to the documents filed by the company from time to time with the SEC, specifically the section titled “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2015, as it may be updated or supplemented in the company’s Quarterly Reports on Form 10-Q and the company’s other filings filed with the SEC, which discuss these and other factors that could adversely affect the company’s results.
David F. Bujnicki, 1-866-831-4297
Senior Vice President, Investor Relations and Strategy
Source: Kimco Realty Corporation